Under the terms of the agreement, Panoptes received an upfront payment, and is eligible for developmental and sales milestones and royalties on net sales. Mediolanum will have marketing rights over two main European countries, while Panoptes will retain marketing rights in all other countries.
Other terms of the deal were not disclosed.
“This agreement further confirms Mediolanums’ strong commitment to identify novel treatments for important medical conditions, such as uveitis” commented its founder and President, Mr. Rinaldo Del Bono.
“We are excited about this great opportunity, PP-001 has shown outstanding potential in early phase development and will be a strong addition to our growing pipeline” added Alessandro Del Bono, CEO of Mediolanum.
Panoptes’ CEO Franz Obermayr stated: “This agreement validates and strengthens our development strategy for PP-001. We have made excellent progress in our PP-001 program at Panoptes and are very proud and excited to be partnering with Mediolanum, an important player in the European pharmaceutical industry”.
About PP-001
PP-001 is a selective anti-inflammatory small molecule compound which has demonstrated efficacy in preclinical models in ophthalmology.
Additionally, PP-001 significantly inhibits abnormal blood vessel growth in the back of the eye (choroidal neovascularization) in an animal model for autoimmune uveitis. Inhibition of choroidal neovascularization (CNV) is mediated by the inhibition of vascular endothelial growth factor (VEGF) by PP-001. CNV is one of the most severe causes of visual impairment in patients with posterior uveitis.
About Panoptes
Panoptes is a privately held biotech company, located in Vienna, Austria and is focused on developing small molecule based therapies for the treatment of severe eye diseases with high unmet medical need.
About Mediolanum
Mediolanum is a privately owned pharmaceutical Group founded in 1972 by Mr Rinaldo Del Bono. Its Headquarters are located in Milan. Core commercial therapeutic areas are cardiovascular, osteoporosis and diabetes. From an R&D standpoint, Mediolanum is focusing on innovative treatments such as cancer vaccines. The Group employs around 450 people with an aggregated turnover of circa €200 million.
Cautionary statement regarding forward-looking statements
This press release contains certain forward-looking statements. Any forward-looking statement applies only on the date of this press release. By their nature, forward-looking statements are subject to a number of known and unknown risks and uncertainties that may or may not occur in the future and as a result of which the actual results and performance may differ substantially from the expected future results or performance expressed or implied in the forward looking statements. No warranties or representations are made as to the accuracy, achievement or reasonableness of such statements, estimates or projections, and Panoptes Pharma Ges.m.b.H. has no obligation to update any such information or to correct any inaccuracies herein or omission herefrom which may become apparent.
For further information please visit www.panoptes-pharma.com
Panoptes Pharma is funded by LISA Seedfinancing administered by AWS on behalf of the Austrian Ministry of Economy, Family and Youth (BMWFJ) and by the Austrian Research Promotion Agency (FFG).
Panoptes: Ophthalmology company Panoptes Pharma and Mediolanum announce License Agreement
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